Which of the following statements correctly describe trade-offs in economics? Select all that apply.

Trade-offs in economics refer to the idea that when you make a choice, you have to give up something else. This happens because resources like time, money, and materials are limited, so choosing one option often means sacrificing another. For example, if a student decides to spend their evening studying for a test, they might miss out on going to a movie with friends. This illustrates that every decision has an opportunity cost, which is the value of what you give up when you choose one option over another. Understanding trade-offs helps people make better decisions by weighing the benefits and costs of different choices.